Bitcoin Surges to $64,000 Before Reversing: Spot Bitcoin ETFs Driving the Upside

Bitcoin Dominates Headlines as it Briefly Soars to $64,000 on Wednesday, Reverses Abruptly to $60,000, Eroding Intra-Day Gains

Top crypto gainers today on DEXTools are SENDEX, HABIBI, VIRTU.

Last updated: February 28, 2024 16:15 EST | 3 min read

Top Crypto Gainers Today on DEXTools

Bitcoin stole the headlines on Wednesday after briefly surging to $64,000, before an abrupt reversal back to $60,000. 🚀 It’s like being on a rollercoaster ride, with the price soaring to the moon and then crashing back down to Earth just as quickly. This volatility can make your heart skip a beat! But don’t worry, traders are still hunting for fast exponential gains in the on-chain shitcoin markets. Yes, you heard that right. Shitcoins are all the rage now! 💩

BTC is up 5.5% today and around 17% this week, which is pretty impressive. It’s like a high-speed racecar zooming ahead on the track. 🏎️ But what’s driving this upside? Well, it seems that there’s been a surge in demand for spot Bitcoin ETFs, especially BlackRock’s leading spot Bitcoin ETF. The daily trading volumes hit fresh record highs above $2.7 billion on Wednesday. That’s like a massive wave crashing onto the shore! 🌊

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Not to be outdone, US investment banking giant Morgan Stanley is considering adding spot Bitcoin ETFs to its massive brokerage platform. Imagine a giant bank opening the door to a fresh wave of inflows. It’s like a flood of money pouring in, washing away any doubts about the legitimacy of cryptocurrencies. 💸

But wait, there’s more! Leading US crypto exchange Coinbase also experienced various technical difficulties on Wednesday. Now, some analysts see this as a bullish signal, indicative of a sudden surge in retail demand. It’s like seeing a line of people outside a newly-opened bakery, eager to get their hands on the freshest bread. 🥖

While Bitcoin’s near-term outlook remains very bullish, there’s another side to the story. Investors looking for much faster gains will continue to scour on-chain shitcoin markets. Let’s face it, shitcoins are like wild animals in the jungle. They might be small, but they pack a punch! 💥 Due to their low levels of liquidity and tiny market caps, shitcoins are always the top crypto gainers on any given day.

Now, let’s take a look at some of the top crypto gainers today that shitcoin traders will be watching, according to DEXTools.

Top Crypto Gainers Today

Sendex AI ($SENDEX)

A just-launched privacy-focused shitcoin called Sendex AI ($SENDEX) has pumped 350% in the past 24 hours! That’s an astronomical rise. 🚀 It’s like a rocket blasting off into space, reaching for the stars. This shitcoin already has over 350 holders and $630,000 in 24-hour trading volumes. Impressive, right? But here’s a word of caution: there are three smart-contract alerts associated with this coin. So tread carefully!

Habibi ($HABIBI)

An old shitcoin called Habibi ($HABIBI) is up 275% on Wednesday. It’s like finding buried treasure in your own backyard. 🏴‍☠️ This shitcoin has been around since last June and has gained an impressive 1,860 holders. However, be mindful that the latest rally has been pushed by such low trading volumes. It’s like building a sandcastle on a shaky foundation. If a small amount of sell pressure comes in, the castle might crumble.

VirtuCloud ($VIRTU)

Another just-launched shitcoin called VirtuCloud ($VIRTU) is up 250%, making it one of the top crypto gainers today. It’s like a shooting star in the night sky, capturing everyone’s attention. This shitcoin has a market cap of around $3.6 million and liquidity of around $371,000. But remember, there’s a 5% buy and sell tax associated with this token. And let’s not forget, newly launched coins are often pump-and-dumps or scams. So do your due diligence!

Crypto Alternatives to Consider

Investing in low-cap shitcoins is undoubtedly a risky strategy. It’s like walking a tightrope without a safety net. One wrong move, and you could lose it all. But fear not, there’s an alternative strategy that could offer a better risk-reward ratio: getting involved in crypto presales.

The idea behind crypto presales is to secure tokens of up-and-coming, high-potential crypto projects/protocols at a discounted early price. It’s like getting a backstage pass to a concert before anyone else. These projects then put those funds to work, paying for protocol development and marketing.

Sure, there are risks involved, as unforeseen circumstances can prevent a project from delivering on its vision. But savvy presale investors routinely secure gains of 10x or more. It’s like finding a pot of gold at the end of the rainbow. 🌈

Analysts at Blocking.net have been combing the market to find the most promising presale projects. Check out their list of 14 cryptocurrencies with the highest potential. It’s like having a treasure map that leads you to hidden gems. 💎

Additional Topics of Interest

Q: What should I consider when investing in shitcoins? A: Investing in shitcoins can be extremely risky, as they often lack liquidity and have small market caps. It’s crucial to research and understand the project’s fundamentals, team, and community before investing. Additionally, always be wary of scams and pump-and-dumps in the shitcoin market.

Q: How can I identify potential scams in the cryptocurrency market? A: While it’s not foolproof, there are a few red flags to watch out for. Be cautious of projects that promise unrealistic returns, have anonymous or inexperienced teams, lack transparency, or engage in aggressive marketing tactics. It’s essential to do thorough research and seek advice from reputable sources before investing.

Q: What are the benefits of participating in crypto presales? A: Participating in crypto presales allows investors to get in early on promising projects at discounted prices. This can potentially lead to significant gains when the project reaches its full potential. However, it’s important to conduct due diligence and thoroughly assess the project’s fundamentals and risks before investing.

Q: How can I stay informed about the latest developments in the cryptocurrency market? A: To stay informed, you can follow reputable crypto news websites, join cryptocurrency communities, and follow industry experts on social media platforms. Additionally, signing up for newsletters or subscribing to podcasts focused on blockchain and cryptocurrencies can provide valuable insights.

The future of cryptocurrencies is still uncertain, but the recent surge in Bitcoin and the continued interest in shitcoins indicate that digital assets are here to stay. 📈 Whether you decide to ride the Bitcoin rollercoaster or hunt for gains in shitcoin markets, remember to approach this high-risk asset class with caution.

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References: – BTC Blasts Past $47K: Bitcoin ETF Excitement Gets Feverish – BlackRock’s Leading Spot Bitcoin ETF – Morgan Stanley Considers Adding Spot Bitcoin ETFs – Coinbase International Exchange Caps Perpetual Futures Leverage at 10x – DEXTools – Best Crypto to Buy in January: 2 Potential Gems – US Prosecutors Declare SBF “Very Innocent” – See Second Trial Report

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Hey readers, have you ever invested in shitcoins? What was your experience like? Share your stories in the comments below and don’t forget to hit that share button if you enjoyed this article! Let’s spread the word about the wild world of cryptocurrencies. 😄✌️

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